London’s Synthesis Capital has assembled a $300+ million fund aimed squarely at supporting approximately 15 food technology and alternative protein-focused startups across the globe with an average ticket size of $15 million. According to the firm, this is the largest fund ever raised for the sector.
Founded in early 2021, Synthesis Capital co-founder Costa Yiannoulis hails from a background that includes time with Bain & Company, and an almost six-year run at CPT Capital, where he sat on the board of Redefine Meat. Co-founder Rosie Wardle also spent time with CPT Capital but departed in December of 2015 to establish FAIRR Initiative, an investor network focusing on ESG risks in the global food sector.
Synthesis has already invested in four companies, including cultivated meat startup Upside Foods (formerly known as Memphis Meats), precision fermented, sans bovine ice cream maker Perfect Day, “biomanufacturing-as-a-service” platform Culture Biosciences, and last but not least, a startup Yiannoulis is already quite familiar with, 3D-printed, plant-based alt meat startup Redefine Meat.
“In order to transform our food system to feed 10 billion people by 2050, within planetary boundaries, these new food technologies and platforms are imperative,” explained Yiannoulis. “I am very excited by the level of interest we have received from investor partners in our Fund, their strong belief in our thesis, and the sheer growth potential of the alternative protein space in the coming decades.”
Synthesis Capital’s oversubscribed inaugural $300 million fund is anchored by Jeremy Coller, through CPT Capital, with a cornerstone investment from Société Familiale d’Investissements. Nuveen (a TIAA company), Credit Suisse Climate Innovation Fund, Sir Ronald Cohen through Dynamic Loop Capital, DisruptAD (ADQ’s venture platform), The Nest, Heyi Holdings, trusts associated with the Sainsbury family, Interogo Holding (advised by IH International Advisors), WTT Investment Ltd (Tsai Family Office), CIFF, and a number of undisclosed parties provided their support.
“With deep experience in this sector, we are ready to take advantage of this significant investment opportunity and are confident that alternative proteins will no longer be considered “alternative” in the near future. We are incredibly grateful for the support of our investor partners who share our belief in the significant potential of harnessing alternative protein technologies and platforms to transform our ailing and antiquated food system,” concluded Wardle.